Economic impact
Served as President of Supreme Liberty Life Insurance Company in Chicago, building it into the largest Black-owned financial institution of its era. Earlier founded Black Swan Records in New York City in 1921, the first record label in the United States founded, owned, and operated by a Black entrepreneur; Black Swan's first major commercial success was Ethel Waters recording 'Down Home Blues' (1921). Black Swan was acquired by Paramount Records in 1924. Pace subsequently relocated to Chicago and concentrated on insurance; Supreme Liberty Life grew under his leadership to serve several hundred thousand policyholders across multiple states. He died in July 1943 in Chicago.